Reed Hastings is to step down as executive chairman of Netflix, the streaming service he co-founded nearly 30 years ago.
He is leaving in June to focus on “philanthropy and other pursuits” and announced the news as Netflix unveiled its financial results for the first quarter of 2026.
“Mr Hastings’ decision to not stand for re-election is not as a result of any disagreement with the company,” said Netflix in an SEC filing.
The company’s Q1 results saw revenue grow 16%, driven by membership growth, higher pricing and increased advertising revenue.
It was the first earnings call since the company’s failed acquisition of Warner Bros, of which chief executive Ted Sarandos said: “We said from the beginning it was a nice to have, not a need to have.
“Our biggest risk was losing focus on our core business. As you can see from our Q1 results, we did not lose focus.”
Hastings founded Netflix, then a DVD rental outfit, in 1997 alongside Marc Randolph. He stepped down as co-chief executive in 2023, staying on as chairman.
“Netflix changed my life in so many ways, and my all-time favourite memory was January 2016, when we enabled nearly the entire planet to enjoy our service,” said Hastings.
“My real contribution at Netflix wasn’t a single decision; it was a focus on member joy, building a culture that others could inherit and improve, and building a company that could be both beloved by members and wildly successful for generations to come.”
Sarandos said: “I’ve had the privilege of working for, and alongside, a true history maker and I look forward to marvelling at all he will do next.”
Co-CEO Greg Peters said Hastings “is a part of our DNA. His vision, entrepreneurship, and steadfast commitment to our values have shaped every stage of our journey”.
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